Whether your company is based in Newark, Livingston, Montclair or anywhere else in New Jersey, it may be eligible for the CBT (corporation business tax) and Insurance Premiums Tax Credits Transfer Program. New Jersey offers tax credit certificates, that may be transferred, to businesses relocating to the state. You’ll also probably be allowed to deduct the entire cost of your commercial insurance premiums on your business or corporate tax return.
Insurance Premiums Tax Credits
Section 34:1B-120.2 of New Jersey Revised Statutes (rev. 2013) states the specifics on transferring unused insurance premium tax credit certificates by mid-sized New Jersey businesses. The interpretation and application may appear confusing to the layperson.
The bottom line: Other companies with CBTs and/or insurance premiums tax credits can "surrender" those credits for use by other corporate and insurance premiums taxpayers in New Jersey. The percentage of the tax exemption your company may receive depends on the value of the certificate you acquire and your company’s taxable net income.
Consult with your independent agent servicing Newark for valuable advice regarding your company’s ability to get and use an insurance premium tax exemption for your business. Your company can apply to the Executive Director of Labor and Workmen’s Compensation authority and the Director of the Division of Taxation for a tax credit transfer certificate.
You can receive this exemption for an amount equal to 75 percent of the amount stated on the certificate if you’re relocating to the state. You can then use the exemption to offset expenses of operating in New Jersey.
Commercial Insurance Tax Deductibility
When you purchase commercial insurance for your business, you’ll be able to deduct the premiums from your net profit before you file your taxes. Your independent agent can advise you about purchasing the right commercial insurance for your business to protect your company assets.
In most cases, homeowners do not need to add a joint policy holder to their homeowners insurance policy. Some times, though, adding another policy holder has several benefits. Here are some of the advantages homeowners might see by adding a joint policy holder.
Another Person to Manage the Policy
Only those named as policy holders are authorized to manage the policy; policy holders can increase coverage, decrease coverage and make other changes to the policy. If there is only one policy holder listed on the policy, then only he or she is able to make any changes. He or she must be the person who calls the insurance company when there is a coverage question or a claim.
Adding a joint policy holder gives another person permission to communicate with the insurance company. If the first policy holder is too busy to call the insurance company, then the joint policy holder can communicate with an agent.
Possibly Lower Premiums
Some homeowners in Newark, New Jersey have also been able to lower their homeowners insurance premiums by adding a joint policy holder. There are many factors that determine what a policy’s premiums are, and who is listed as the policy holder(s) is one such factor. Sometimes, listing an additional person has a beneficial effect on a policy’s cost.
Residents of Newark, New Jersey who are curious about the possible advantages of adding another policy holder should contact us. As experienced insurance agents, we are able to help homeowners compare all of their insurance options and explore what combination of coverage is best for their situation. An independent agent at our office would love to help you see if adding another policy holder is a wise choice for your situation.
People in Newark, New Jersey, as well as Livingston and Montclair, will find that having proof of their home’s contents really can make a difference when it comes to filing a claim later on. Though the insurance provider will tell you specifically what to show proof of, it is never a bad idea to have a detailed list showing exactly what you own.
Why Does It Matter?
Many insurance policies provide specific coverage on the content in a home. If you wish to ensure coverage of your items and belongings, it is a good idea to have some type of proof of ownership. In order to prove ownership, produce some type of proof you own the item, such as:
- You can take photos of each of the items with a date on them.
- You can hold onto the bills, or receipts, for those items.
- You can also simply show them to your agent so he or she can take note of the item.
Keep in mind, homeowners should follow their agent’s specific guidelines on establishing proof of ownership. That way, if the item is damaged, lost, or stolen, it may be possible to place a claim on that item with the insurance provider. Without this type of proof, though, the insurance company may not be willing to provide funds to cover the claim.
Individuals seeking a new insurance provider should utilize our independent agent for guidance. Let us help you to find the right provider for you to ensure all of your home’s belongings are properly covered. Every step you take to protect your home is a good one, as long as you make the right buying decisions. Our independent agent can help you to do just that by helping you to find the right provider of affordable, ample insurance coverage.
Purchasing content insurance for your home in Newark, New Jersey can seem complicated. You may be tempted to use the policy that your mortgage provider suggests when you are ready to make a purchase. Before you assume that the insurance is appropriate for your needs, it is best to compare your options.
Insurance Through the Mortgage Provider
Although a mortgage provider may offer insurance to residents of Livingston or Montclair, it is not always the best choices for your personal needs. Ask yourself one question: "Is this the best option for my goals and plans?" If it is not, then you want to look elsewhere for your coverage.
Your lender may require some type of coverage for your home, but that does not mean that the contents are included in their minimum standards. In many cases, you may find a better policy if you look elsewhere.
Work With an Agent
When you work with an independent agent to find the right plan for your needs and budget, you may discover that the policy available through your lender is actually inappropriate. An agent can help you compare prices and coverage options so that you get the best deal and the right amount of protection.
It is not always the best idea to go to a lender for insurance coverage. A lender is primarily concerned with your loan and the property tied to your loan, not the other belongings that you keep in the house. You may have better options if you take the time to compare prices, coverage and different insurance providers in the Newark area. To learn more about protecting the contents of your home, call us today to talk to an independent agent.